1945 W Van Buren St · Phoenix, AZ 85009

$999,000

None bd · None ba · 810 sqft · MultiFamily public records · 483 Days on market

Built 1952 0.34 ac lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Rent growth +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 21 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

EXCEPTIONAL INVESTMENT OPPORTUNITY IN PRIME LOCATION! This 17-21 unit, two-story property, built in 1952, offers an outstanding value-add opportunity for savvy investors. The unit mix includes 17 studio apartments, a manager's quarters, and a front office. With interiors currently vacant and ready for renovation, this property is a blank canvas awaiting your vision. PRIME LOCATION ADVANTAGES: Strategic Access: Situated near US 60/Grand Avenue with easy connections to I-10, I-17, and Loop 202 for seamless commutes across the city. FUTURE GROWTH POTENTIAL: A planned light rail extension along Van Buren will place this property in a key transit-oriented area, enhancing accessibility and desira

Key facts

• 0.34 acre lot
• 13 parking spots
• Built 1952

Property features AI

Finance

• Other: Property located on the southeast corner of 20th and Van Buren (directions: West on Van Buren to the property); Listed by JM Realty

Exterior

• Parking: Total of 13 parking spaces; 4 covered parking spaces; 9 open parking spaces; Paved parking and on-street parking available
• Utilities: Electric service: APS; Public sewer; Water: City franchise
• Home design: Fee simple ownership; Four buildings on the property; Lot dimensions approximately 91 x 161
• Construction: Block construction; Tile roof
• Exterior features: Painted block construction; Tile roof; Asphalt road access; No pool

Interior

• Flooring: Vinyl; Concrete
• Heating & cooling: Heating (unspecified type); Cooling (unspecified type)
• Interior features: Vinyl and concrete flooring; Has heating; Has cooling

What this means for you Summary

Snapshot

• This is a 21 × 2-bed/?-bath units multifamily listed at $999k.

Deal economics

• At list price, monthly cash flow is $13k ($158k/yr) — positive. Per door: $626/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $999k).
• Recommended offer: $879k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.1% vs local median 3.3% in Phoenix — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#16 in AZ, #3,924 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: health & safety C-, crime F.
• Phoenix Union High School District (4286) (urban): math 10% / reading 15% proficiency, ranked #224 of 249 in AZ (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents falling (-6.0%/yr); 107 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• At $24,488/mo this rent would consume 565% of the median local household income ($52k/yr) (locally 2121% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $280k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 483 days — a 12% lower offer ($879k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $536k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $879,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 483 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.45% ✓
• Cap rate: 22.10%
• Cash-on-cash: 56.44%
• DSCR: 3.51
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 51.5%
• Equity multiple: 3.16×
• Total profit: $604,216
• Equity at exit: $148,954

10-year hold

• IRR: 55.7%
• Equity multiple: 5.75×
• Total profit: $1,327,485
• Equity at exit: $86,375

Cash invested: $279,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Arizona: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

5-day pay-or-quit; AZ courts known for speed; no state rent control; cities preempted by state law.

Methodology + full state rankings →

ZIP-level market 85009

• Home prices YoY: -29.7%
• Rents YoY: -6.0%
• Active inventory: 107
• Price-to-rent: 71.4×

Monthly cashflow live

• Estimated rent: $24,488 high
• Mortgage (P&I): −$5,239
• Tax from tax record: −$534 /mo · $6,409/yr
• Insurance: −$416
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,142
• Net cashflow: $13,156

Break-even live

Break-even rent $7,834

Max offer price $999,000

Occupancy floor 41%

Sensitivity live

Price	-10% $13,722	-5% $13,439	+0% $13,156	+5% $12,874	+10% $12,591
Rent	-10% $11,222	-5% $12,189	+0% $13,156	+5% $14,124	+10% $15,091
Rate	-1.0pp $13,659	-0.5pp $13,410	base $13,156	+0.5pp $12,897	+1.0pp $12,634

21-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 21× units	2	—	$24,486
Total (21 units)			$24,488

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $249,750
• Closing costs: $29,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1930 W Van Buren St Phoenix, AZ	2.0	1.0	700	$895	$1.28	2d	1	0.08mi
2121 W Adams St Phoenix, AZ	2.0	2.0	875	$1,497	$1.71	2d	2	0.25mi
2121 W Adams St Unit A 202 Phoenix, AZ	2.0	2.0	875	$1,497	$1.71	22d	1	0.25mi
2045 W Washington St Unit 3 Phoenix, AZ	2.0	2.0	900	$1,400	$1.56	2d	1	0.25mi
2133 W Adams St Unit 3 Phoenix, AZ	2.0	1.0	800	$899	$1.12	2d	1	0.27mi
317 N 17th Dr Apt 6 Phoenix, AZ	2.0	1.0	600	$1,485	$2.48	2d	1	0.32mi
325 N 17th Dr Unit A Phoenix, AZ	2.0	2.0	700	$1,334	$1.91	2d	1	0.33mi
412 N 17th Dr Unit 4 Phoenix, AZ	2.0	1.0	817	$1,195	$1.46	2d	1	0.33mi
2213 W Adams St Phoenix, AZ	2.0	1.0	760	$1,125	$1.48	2d	1	0.34mi
425 N 17th Dr Unit 2 Phoenix, AZ	1.0	1.0	525	$950	$1.81	2d	1	0.38mi
1606 W Taylor St Phoenix, AZ	2.0	1.0	700	$1,050	$1.50	10d	1	0.52mi
1524 W Monroe St Phoenix, AZ	2.0	1.0	1000	$1,000	$1.00	2d	1	0.56mi
1524 W Monroe St Unit B Phoenix, AZ	2.0	1.0	950	$1,000	$1.05	5d	1	0.56mi
1326 W Monroe St Unit 1326 Phoenix, AZ	2.0	1.5	1050	$1,695	$1.61	2d	1	0.67mi
1505 W McKinley St Apt 1 Phoenix, AZ	2.0	1.0	778	$1,450	$1.86	2d	1	0.71mi
1350 W Van Buren St Phoenix, AZ	3.0	1.0–2.0	897	$1,628	$1.81	2d	11	0.74mi
1501 Grand Ave Phoenix, AZ	1.0	1.0	518	$1,200	$2.32	2d	1	0.76mi
1609 W Latham St Phoenix, AZ	2.0	1.0	870	$925	$1.06	10d	1	0.79mi
1725 W Sherman St Unit A Phoenix, AZ	2.0	1.0	590	$1,895	$3.21	2d	1	0.80mi
1709 W Sherman St Unit 1 Phoenix, AZ	2.0	1.0	672	$1,095	$1.63	2d	1	0.81mi
1920 W Tonto St Phoenix, AZ	2.0	1.0	1000	$1,595	$1.59	4d	1	0.85mi
834 N 13th Ave Phoenix, AZ	2.0	1.0	625	$1,295	$2.07	2d	4	0.87mi
133 N 11th Ave Unit 133 Phoenix, AZ	2.0	1.0	840	$1,500	$1.79	22d	1	0.88mi
129 N 11th Ave Unit 1B Phoenix, AZ	1.0	1.0	625	$1,195	$1.91	2d	1	0.89mi
140 N 10th Ave Phoenix, AZ	1.0	1.0	620	$1,400	$2.26	2d	1	0.92mi
146 N 10th Ave Phoenix, AZ	1.0	1.0	695	$1,299	$1.87	2d	1	0.92mi
719 N 12th Ave Phoenix, AZ	2.0	1.0	685	$1,495	$2.18	2d	1	0.92mi
719 N 12th Ave Unit 1 Phoenix, AZ	2.0	1.0	750	$1,449	$1.93	2d	1	0.92mi
719 N 12th Ave Unit 4 Phoenix, AZ	2.0	1.0	685	$1,395	$2.04	2d	1	0.92mi
1118 W Roosevelt St Phoenix, AZ	2.0	1.0	952	$1,350	$1.42	10d	1	0.98mi
646 N 10th Ave Unit 09 Phoenix, AZ	1.0	1.0	532	$1,195	$2.25	2d	1	0.99mi
1050 S 16th Dr Phoenix, AZ	1.0–2.0	1.0	800	$1,360	$1.70	2d	1	1.00mi
622 N 9th Ave Phoenix, AZ	1.0	1.0	525	$1,195	$2.28	2d	1	1.04mi
1507 W Tonto St Apt 1 Phoenix, AZ	2.0	1.0	810	$1,450	$1.79	10d	1	1.06mi
1626 W McDowell Rd #1 Phoenix, AZ	1.0	1.0	600	$1,000	$1.67	2d	1	1.12mi
712 W Taylor St Unit 2 Phoenix, AZ	2.0	1.0	600	$1,195	$1.99	2d	1	1.12mi
712 W Taylor St Phoenix, AZ	2.0	1.0	600	$1,395	$2.33	5d	1	1.12mi
841 N 9th Ave Phoenix, AZ	2.0	1.0	903	$2,000	$2.21	16d	1	1.13mi
706 W Taylor St Apt 5 Phoenix, AZ	2.0	1.0	600	$1,195	$1.99	2d	1	1.13mi
706 W Taylor St Phoenix, AZ	2.0	1.0	600	$1,395	$2.33	20d	1	1.13mi

Listing history 37 events

1. 2026-06-18
   days on market $999,000 Active 483 DOM
2. 2026-06-17
   days on market $999,000 Active 482 DOM
3. 2026-06-16
   days on market $999,000 Active 481 DOM
4. 2026-06-15
   days on market $999,000 Active 480 DOM
5. 2026-06-13
   days on market $999,000 Active 478 DOM
6. 2026-06-13
   pricedays on market $999,000 Active 477 DOM
7. 2026-06-09
   days on market $1,049,000 Active 474 DOM
8. 2026-06-08
   days on market $1,049,000 Active 473 DOM
9. 2026-06-07
   days on market $1,049,000 Active 472 DOM
10. 2026-06-04
    days on market $1,049,000 Active 469 DOM
11. 2026-06-03
    days on market $1,049,000 Active 468 DOM
12. 2026-06-02
    days on market $1,049,000 Active 467 DOM
13. 2026-06-01
    days on market $1,049,000 Active 466 DOM
14. 2026-05-31
    days on market $1,049,000 Active 465 DOM
15. 2026-05-06
    price $1,049,000
16. 2026-04-07
    status Active
17. 2026-03-27
    status Pending
18. 2026-02-06
    price $1,099,900
19. 2026-01-15
    price $1,149,000
20. 2025-12-02
    price $1,199,900
21. 2025-09-24
    price $1,249,900
22. 2025-08-09
    status Active
23. 2025-07-24
    status Active
24. 2025-06-05
    price $1,295,000
25. 2025-06-04
    status Active
26. 2025-05-19
    status Pending
27. 2025-05-19
    historical
28. 2025-05-19
    historical
29. 2025-05-13
    price $1,350,000
30. 2025-05-07
    price $1,295,000
31. 2025-03-05
    price $1,350,000
32. 2025-01-24
    price $1,395,000
33. 2024-12-19
    price $1,495,000
34. 2024-11-19
    listed $1,535,000 Active
35. 2022-03-14
    price $995
36. 2022-03-11
    price $995
37. 2021-01-05
    soldstatus $955,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast AZ · Resets to sale price

• Current annual tax: $6,409 · $534/mo
• Projected year-2 tax: $6,593 · $549/mo
• Expected delta: +$184/yr (+$15/mo · 2.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $293,856
• − Mortgage interest: −$55,960
• − Property taxes: −$6,409
• − Insurance: −$4,995
• − Repairs & maintenance: −$23,508
• − Management: −$23,508
• − Depreciation: −$29,062
• Taxable income: $150,413
• Est. tax owed @ 24.0%: −$36,099
• After-tax cash flow: $121,776/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Phoenix Union High School District (4286)
• NCES district ID: 0406330
• Math proficiency: 10% ▼ -27.00%
• Reading proficiency: 15% ▼ -18.00%
• Median HH income: $39,055
• Composite: 10.63/100
• National rank: #9773
• State rank: #224 of 249 in AZ

Livability — Phoenix

• Score: 75/100
• State rank: #16
• US rank: #3924

Category grades

Amenities A+ Commute A+ Cost of living B- Crime F Employment B- Housing A+ Health & safety C- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Phoenix, AZ
• County: Maricopa County · 4,537,380 people
• City population: 1,500,198
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 52,064
• Household income: $52,054
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 2121.0

Population outlook (Maricopa County) Hauer SSP2

• Today (2025): 4,979,203 people
• By 2030: 5,378,229 · +8.0%
• By 2040: 6,156,598 · +23.6%
• By 2050: 6,872,376 · +38.0%
• By 2075: 8,401,270 · +68.7%
• By 2100: 9,247,439 · +85.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (81%)
• Race & ethnicity: Hispanic / Latino 81% Two or more races 34% White 9% Black 5% Native American 3%
• Hispanic origin (detail): Mexican 73%
• Foreign-born: 32% · Canada
• Languages at home: 31% English-only · Spanish 67%

Political lean MEDSL · Maricopa

• 2024 margin: Toss-up / Even · D 47.7% · R 51.2% · Other 1.1%
• 2008→2024 swing: +7.1pp toward D · 2008: -10.6pp · 2024: -3.5pp
• All cycles: 2024: R+3.5 2020: D+2.2 2016: R+3.5 2012: R+12.0 2008: R+10.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -172.78%
• Current HPI: 409.6161
• Rent YoY: ▼ -5.98%
• Metro: Phoenix-Mesa-Chandler, AZ
• State GDP YoY: ▲ 4.54%
• F500 in state: 20

Industry mix (Fortune 500 HQ in AZ)

Industry	F500 HQs	Revenue
▸Technology	2	$13B
▸Mining / Metals	1	$23B
▸Environmental Services	1	$16B
▸Metals / Steel	1	$14B
▸Technology Distribution	1	$9B
▸Homebuilding	1	$8B

Price history

+9.8% since first listed

23 events — show timeline

• 2026-05-06 Price Changed $1,049,000 ARMLS
• 2026-04-07 Relisted — ARMLS
• 2026-03-27 Pending — ARMLS
• 2026-02-06 Price Changed $1,099,900 ARMLS
• 2026-01-15 Price Changed $1,149,000 ARMLS
• 2025-12-02 Price Changed $1,199,900 ARMLS
• 2025-09-24 Price Changed $1,249,900 ARMLS
• 2025-08-09 Relisted — ARMLS
• 2025-07-24 Relisted — ARMLS
• 2025-06-05 Price Changed $1,295,000 ARMLS
• 2025-06-04 Relisted — ARMLS
• 2025-05-19 Pending — ARMLS
• 2025-05-19 Listing Removed — ARMLS
• 2025-05-19 Listing Removed — ARMLS
• 2025-05-13 Price Changed $1,350,000 ARMLS
• 2025-05-07 Price Changed $1,295,000 ARMLS
• 2025-03-05 Price Changed $1,350,000 ARMLS
• 2025-01-24 Price Changed $1,395,000 ARMLS
• 2024-12-19 Price Changed $1,495,000 ARMLS
• 2024-11-19 Listed $1,535,000 ARMLS
• 2022-03-14 Price Changed $995 RENT.
• 2022-03-11 Price Changed $995 RENT.
• 2021-01-05 Sold (Public Records) $955,000 Public Records

Property tax history

+40.4%/yr

Latest (2025): $6,409 · +6.2% YoY. Source: county tax records.